The price of oil now reaching record highs as the world awaits OPEC's next move.
Gas prices in Houston rose to $2.30 a gallon last week, four cents more than the previous week. The national average is $2.56, 27-cents more than last year.
The Saudi energy minister says it could be next year before oil producing countries in the Middle-East can clear a supply glut, meaning global oil markets may not rebalance anytime soon.
But it looks like the shale revolution could ultimately cause prices to reverse.
Meanwhile, oil is well over $60 a barrel, and we're almost producing more oil than we ever have in the U.S.
“Because the demand is doing even better than the supply and that's a good thing,” says Phil Flynn, senior energy analyst for PFGBEST. “Global demand is growing like crazy, nobody believed a few years ago the economy could be doing this good, but guess what? It is. And when the economy burns up like this it burns a lot of oil.”
The U.S. also is seeing a shortage of trucks as businesses rush to transport their goods.
“And not only that, they're having a harder time getting enough fuel,” says Flynn. “Fuel prices for diesel have gone through the roof.”